IDEAS home Printed from https://ideas.repec.org/a/tei/journl/v12y2019i2p52-71.html
   My bibliography  Save this article

Analysis and critical investigation of the financial statements of food sector companies in Thessaly Region (Greece) that were included in the investment development programs the period 2013-2016

Author

Listed:
  • Rigas Ioannis

    (BAIN CAPITAL CREDIT, NPLs Operations (London), United Kingdom)

  • Theodossiou George

    (Department of Business Administration, University of Thessaly, GAIOPOLIS, National Road, Larissa-Trikala P.C. 41110, Greece)

  • Rigas Nikolaos

    (MBA, KTEL Prefecture of Larissa Programming Department, Greece)

  • Karelakis Christos

    (Department of Agricultural Development, School of Geotechnical and Forestry Sciences, Democritus University of Thrace, Orestiada, Greece)

  • Pantos Nikolaos

    (MBA, TEI of Thessaly, National Road, Larissa-Trikala, P.C. 41500, Greece)

  • Goulas Αpostolos

    (Ph.D Candidate, Department of Planning and Regional Development, School of Engineering, University of Thessaly, Greece)

Abstract

Purpose: The aim of this research study is to assess the progress of the food sector companies that received financial aid for investment through the Developmental Laws in the last years (2013-16) of the economic recession in Thessaly Region (Greece), by choosing a random and representative sample of companies. Design/methodology/approach: In order to achieve this goal, financial data was collected which would be able to provide us with information in order to study the evolution of the food industry in Thessaly Region (Greece). The statistical analysis of the data was done with the statistical analysis package IBM SPSS Statistics 23. The descriptive statistics on the distributions and frequency diagrams (Histograms) and normal frequencies curves for the percentages of changes were also calculated. To test the significance of the differences between the mean values of the financial statements items, the method of One-Way Analysis Of Variance (One-Way ANOVA) was used. The same method was used to test the mean values of both the changes in amounts and in their percentages. Findings: In short, we can say that the percentage changes in Total Assets and Equity the time period 2013-16 are small and concentrated around zero. The same period, we have a significant increase in L/M Debt and Sales, except for a few extreme cases, while the percentage changes in Gross Profit and Profit before Tax are limited. The year 2016 there were significant changes in Taxes and Net Profit from AM2005-16. Research limitations/implications: The collection, processing, and analysis of the financial data of the undertakings were limited to the undertakings which have the obligation to publish their financial data. Originality/value: In recent years, very few studies have been carried out on the effectiveness of investment by private companies subsidized by Greek or European Investment Programs.

Suggested Citation

  • Rigas Ioannis & Theodossiou George & Rigas Nikolaos & Karelakis Christos & Pantos Nikolaos & Goulas Αpostolos, 2019. "Analysis and critical investigation of the financial statements of food sector companies in Thessaly Region (Greece) that were included in the investment development programs the period 2013-2016," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 12(2), pages 52-71, December.
    • Handle: RePEc:tei:journl:v:12:y:2019:i:2:p:52-71
    as

    Download full text from publisher

    File URL: https://ijbesar.af.duth.gr/docs/volume12_issue2/12_02_05.pdf
    Download Restriction: no
    File URL: https://ijbesar.af.duth.gr/volume12_issue2.php
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Loayza, Norman V. & Ranciere, Romain, 2006. "Financial Development, Financial Fragility, and Growth," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(4), pages 1051-1076, June.
    2. Richard Harris & Mary Trainor, 2005. "Capital Subsidies and their Impact on Total Factor Productivity: Firm‐Level Evidence from Northern Ireland," Journal of Regional Science, Wiley Blackwell, vol. 45(1), pages 49-74, February.
    3. Cabral, René & Castellanos-Sosa, Francisco A., 2019. "Europe's income convergence and the latest global financial crisis," Research in Economics, Elsevier, vol. 73(1), pages 23-34.
    4. Persefoni Polychronidou & Giannoula Florou & Anastasios Karasavvoglou, 2016. "Consequences of the economic crisis to consumer behaviour in Greece - an empirical analysis," International Journal of Applied Management Science, Inderscience Enterprises Ltd, vol. 8(2), pages 163-182.
    5. Bronzini, Raffaello & de Blasio, Guido, 2006. "Evaluating the impact of investment incentives: The case of Italy's Law 488/1992," Journal of Urban Economics, Elsevier, vol. 60(2), pages 327-349, September.
    6. Harris, Richard, 2018. "The Home of Capital," Enterprise & Society, Cambridge University Press, vol. 19(3), pages 733-737, September.
    7. Bondonio, Daniele & Greenbaum, Robert T., 2007. "Do local tax incentives affect economic growth? What mean impacts miss in the analysis of enterprise zone policies," Regional Science and Urban Economics, Elsevier, vol. 37(1), pages 121-136, January.
    8. Edward L. Glaeser, 2001. "The Economics of Location-Based Tax Incentives," Harvard Institute of Economic Research Working Papers 1932, Harvard - Institute of Economic Research.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sungur Onur, 2019. "Spatial Distribution of Investment Incentives and the Impact of New Incentive System for Less Developed Regions in Turkey," Review of Economic Perspectives, Sciendo, vol. 19(1), pages 25-48, March.
    2. Bernini, Cristina & Pellegrini, Guido, 2011. "How are growth and productivity in private firms affected by public subsidy? Evidence from a regional policy," Regional Science and Urban Economics, Elsevier, vol. 41(3), pages 253-265, May.
    3. Chaurey, Ritam, 2017. "Location-based tax incentives: Evidence from India," Journal of Public Economics, Elsevier, vol. 156(C), pages 101-120.
    4. Bernini, Cristina & Pellegrini, Guido, 2013. "Is subsidising tourism firms an effective use of public funds?," Tourism Management, Elsevier, vol. 35(C), pages 156-167.
    5. Neumark, David & Simpson, Helen, 2015. "Place-Based Policies," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 1197-1287, Elsevier.
    6. Atzeni, Gianfranco E. & Carboni, Oliviero A., 2008. "The effects of grant policy on technology investment in Italy," Journal of Policy Modeling, Elsevier, vol. 30(3), pages 381-399.
    7. Garsous, Grégoire & Corderi, David & Velasco, Mercedes, 2015. "Tax Incentives and Job Creation in the Tourism Industry of Brazil," IDB Publications (Working Papers) 7324, Inter-American Development Bank.
    8. Accetturo, Antonio & de Blasio, Guido, 2012. "Policies for local development: An evaluation of Italy's “Patti Territoriali”," Regional Science and Urban Economics, Elsevier, vol. 42(1-2), pages 15-26.
    9. Roberto Gabriele & Enrico Tundis, 2015. "the effect of longitudinal multiple subsidies on firm performance in the presence of neighbour interactions," ERSA conference papers ersa15p1368, European Regional Science Association.
    10. Federico Cingano & Filippo Palomba & Paolo Pinotti & Enrico Rettore, 2022. "Making Subsidies Work: Rules vs. Discretion," CESifo Working Paper Series 9560, CESifo.
    11. Andries Brandsma & d'Artis Kancs & Pavel Ciaian, 2013. "The Role of Additionality in the EU Cohesion Policies: An Example of Firm-Level Investment Support," European Planning Studies, Taylor & Francis Journals, vol. 21(6), pages 838-853, June.
    12. John Moffat, 2015. "Regional Selective Assistance (RSA) in Scotland: Does It Make a Difference to Plant Survival?," Regional Studies, Taylor & Francis Journals, vol. 49(4), pages 568-581, April.
    13. Bernini, Cristina & Cerqua, Augusto & Pellegrini, Guido, 2017. "Public subsidies, TFP and efficiency: A tale of complex relationships," Research Policy, Elsevier, vol. 46(4), pages 751-767.
    14. Cerqua, Augusto & Pellegrini, Guido, 2014. "Do subsidies to private capital boost firms' growth? A multiple regression discontinuity design approach," Journal of Public Economics, Elsevier, vol. 109(C), pages 114-126.
    15. Blakeslee, David & Chaurey, Ritam & Fishman, Ram & Malik, Samreen, 2018. "Structural Transformation and Spillovers from Industrial Areas," IZA Discussion Papers 11886, Institute of Labor Economics (IZA).
    16. Pavel Ciaian & Edoardo Baldoni & d'Artis Kancs & Dušan Drabik, 2021. "The Capitalization of Agricultural Subsidies into Land Prices," Annual Review of Resource Economics, Annual Reviews, vol. 13(1), pages 17-38, October.
    17. Martina Cioni & Davide Conforti, 2007. "The effectiveness of regional policies for innovation: an empirical investigation," Department of Economics University of Siena 508, Department of Economics, University of Siena.
    18. Simone Chinetti, 2023. "Investment Subsidies Effectiveness: Evidence from a Regional Program," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 9(2), pages 723-759, July.
    19. Ondřej Dvouletý & Stjepan Srhoj & Smaranda Pantea, 2021. "Public SME grants and firm performance in European Union: A systematic review of empirical evidence," Small Business Economics, Springer, vol. 57(1), pages 243-263, June.
    20. Stefaan Decramer & Stijn Vanormelingen, 2016. "The effectiveness of investment subsidies: evidence from a regression discontinuity design," Small Business Economics, Springer, vol. 47(4), pages 1007-1032, December.

    More about this item

    Keywords

    Investment; financial analysis; financial statement items; Food Industry; Thessaly Region (Greece);
    All these keywords.

    JEL classification:

    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tei:journl:v:12:y:2019:i:2:p:52-71. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kostas Stergidis (email available below). General contact details of provider: https://edirc.repec.org/data/dbikagr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.